Supreme Court Sets Aside NCLAT Ruling, Orders Jet Airways Insolvency

Supreme Court Sets Aside NCLAT Ruling, Orders Jet Airways Insolvency

Invokes powers under Article 142 of the Constitution of India

The Supreme Court overturns the ruling of the National Company Law Appellate Tribunal (NCLAT) on Jet Airways.

The tribunal had upheld the transfer of the airline ownership to the Jalan-Kalrock Consortium (JKC) without complete payment according to the approved resolution plan.

The State Bank of India (SBI)-led lenders had challenged the NCLAT order.

While allowing the appeal filed by the bank and other creditors, the apex court bench comprising Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra ordered Jet Airways’ liquidation due to a five-year delay in implementing the resolution plan.

Invoking extraordinary powers under Article 142 of the Constitution of India, the top court made orders and decrees to ensure justice.